Taxes On $1.34 Billion Mega Millions Jackpot May Be More Than You Think..
Mega Millions' jackpot has increased to $1.1 Billion, from $810 M.
It's easy to become lottery mania with these eye-popping numbers.
While winning would be wonderful, taxes can also be very high.
The IRS takes 37% of winning lottery tickets. Curiously though, only 24% of the winnings are withheld and sent to the government.
This means that you might have to pay an additional 13% when it comes time for tax.
Depending on whether your state taxes winnings from the lottery, you might have to add state taxes.
You can withdraw your winnings as a lump sum cash payment. This would amount to approximately $602.5 million before taxes.
You can also choose to receive your winnings in monthly installments of 30 payments over 29 years.
You have to think about taxes, no matter what.
Mary Peltola wins U.S House Race after Defeating Sarah Palin
Click To Read